# Table 2: Demographics and Inflation

| Variable | Full | OECD | Pre-GFC | Post-GFC |
|---|---|---|---|---|
| Z_1 | -12.842 (14.193) | -17.335 (14.917) | -10.232 (18.013) | -1.029 (17.186) |
| Z_2 | 1.899 (1.876) | 2.276 (1.964) | 2.432 (2.439) | -0.416 (2.268) |
| Z_3 | -0.071 (0.070) | -0.080 (0.073) | -0.114 (0.093) | 0.031 (0.084) |
| rgdp_growth | -0.115*** (0.024) | -0.120*** (0.025) | -0.248*** (0.044) | -0.094*** (0.029) |
| output_gap | 0.324*** (0.041) | 0.327*** (0.042) | 0.112** (0.056) | 0.436*** (0.050) |
| fiscal_bal_gdp | 0.062** (0.029) | 0.059* (0.030) | 0.018 (0.041) | 0.094** (0.036) |
| kaopen | -1.791*** (0.172) | -2.164*** (0.186) | -1.690*** (0.184) | -0.965** (0.459) |
| nfa_gdp_lag | 0.129 (0.324) | 0.052 (0.351) | -0.633 (0.576) | -0.114 (0.317) |
|---|---|---|---|---|
| R² | 0.278 | 0.332 | 0.384 | 0.111 |
| N obs | 926 | 874 | 510 | 416 |
| N countries | 26 | 24 | 26 | 26 |